Section 179 Deduction on New or Leased Equipment
If you are a small or medium sized business owner who has purchased or leased equipment in 2008 and/or 2009* and placed it into service during the calendar year, then you need to elect to take the Section 179 Deduction to ensure that your business captures the available tax savings---it is not automatic and you must elect to take it.
*Section 179 deductions have been extended by the American Recovery and Reinvestment Act through December 31, 2009.
To elect to take the Section 179 Deduction, simply fill out Part 1 of the editable IRS form 4562 and attach it to your tax return.
Download pdf of editable IRS Form 4562 (421kb)
Check with your accountant or tax preparer for questions on your eligibility.
For more information, visit the Section 179 website at: http://www.section179.org/index.html
We have prepared this helpful chart to assist you in calculating your actual equipment cost and tax savings on a new KMT Aqua-Dyne Waterblasting System!
